Download - Ferrovial - Annual Report 2012

Consolidated financial statements at 31 December 2011
Ferrovial S.A. and Subsidiaries
16. EQUITY
The detail of the main impacts net of taxes that affected the changes in equity in 2011 is as follows:
2011
Attributable to
Attributable to
Total
non-controlling
equity holders
equity
interests
Equity at 31/12/10 5,194 1,434 6,628
Consolidated profit or loss for the year 1,269 -1 1,268
Hedges -266 -135 -401
Defined benefit plans -56 0 -56
Translation differences 54 -17 37
Income and expense recognised directly in equity of fully consolidated
-268 -152 -420
companies
Income and expense recognised directly in equity of companies accounted
-43 0 -43
for using the equity method
Income and expense recognised directly in equity relating to discontinued
-78 0 -78
operations
Amounts transferred to profit or loss of fully consolidated companies -63 0 -63
Amounts transferred to profit or loss relating to discontinued operations 497 0 497
Total income and expense recognised directly in equity 1,314 -153 1,160
Dividends paid -367 -30 -396
Capital increases/reductions 0 77 77
Transactions with owners -367 47 -320
Exclusion from consolidation of BAA 0 -1,127 -1,127
Changes in the scope of consolidation 0 -18 -18
Other changes -4 -33 -36
Equity at 31/12/11 6,138 150 6,288
Following is a description of the main changes in shareholders’ equity in 2011, the positive evolution of which gave rise to an increase
of EUR 786 million.
The profit for the year attributable to the Parent totalled EUR 1,269 million.
Hedging instruments: recognition of the revaluation of the effective portion of derivatives qualifying for hedge accounting (see Note
12), the negative impact of which was EUR 266 million net of taxes attributable to the Parent in the case of the fully consolidated
companies, EUR 44 million in the case of the companies accounted for using the equity method and EUR 99 million in the case of the
companies classified as held for sale or discontinued operations (mainly BAA for the first ten months of 2011).
The main changes in the fair value of hedges relate to interest rate swaps, caused by fluctuating market reference rates. The main
changes involved BAA, with a negative impact of EUR 138 million, the Toll Roads Division, with a negative impact of EUR 280 million,
especially at Chicago Skyway, SH-130 Concession Company and Cintra Inversora de Autopistas de Cataluña, and the Services Division
with an impact of EUR -23 million.
Defined benefit plans: these include the impact on equity of actuarial gains and losses arising from adjustments and changes to the
Group’s defined benefit plan assumptions, as described in Note 18, which had an impact for the Parent of EUR -58 million net of taxes
(EUR -56 million at fully consolidated companies (Amey) and EUR -2 million at the other companies (BAA)).
Translation differences: most of the currencies in which Ferrovial has investments (see Note 4) have increased in value against the
euro, particularly the Canadian dollar and the pound sterling, currencies to which the Group is most exposed in terms of equity. The
positive impact attributable to the Parent was EUR 54 million in the case of the fully consolidated companies, whereas the effects in
the case of the companies accounted for using the equity method and held for sale amounted to EUR 37 million and EUR -12 million,
respectively.
Amounts transferred to profit or loss: these relate to the transfer to profit or loss of cumulative negative valuation adjustments relating
to derivatives and translation differences arising in the loss of control of BAA and the sale of Swissport. These two transactions are
described in Note 1.2.
Dividends: dividend payments reduced the Group’s total equity by EUR 367 million, of which EUR 220 million relate to the dividend
approved by the shareholders at the Annual General Meeting and EUR 147 million relate to the interim dividend approved by the Board
of Directors on 27 October 2011.
Exclusion from consolidation of BAA: this relates to the impact of the derecognition of the balances relating to the non-controlling
interests of BAA following the sale of the 5.88% ownership interest in this company and the subsequent change in the method used to
account for it (full consolidation to equity method)(see Notes 1.2 and 2).
Ferrovial, S.A. Consolidated financial statements at 31 December 2011 51